At Business Forum Uzbekistan and South Korea discuss prospects for further cooperation

     Tashkent hosted Uzbekistan-South Korea Business Forum, during which cooperation prospects between the two countries were discussed.
     The South Korean delegation, including businesspeople, scientists, experts and academics arrived in our country to participate in this event.
     The Uzbek side consisted of heads of ministries and agencies, as well as staff of research and educational institutions.
During the forum it was emphasized that at present multifaceted relations between Uzbekistan and South Korea are developing on the basis of Joint Declaration on Strategic Partnership signed in 2006.
     South Korea is one of the largest investment partners of Uzbekistan. Last year, trade turnover between the two countries increased by 4 times and amounted to $2.1 billion. The volume of direct Korean investments reached $6 billion. In Uzbekistan, there are about 420 joint ventures with South Korean capital, offices of about 80 South Korean companies opened in Uzbekistan. Currently a number of strategic projects are being implemented in Uzbekistan in collaboration with the Korean investors. For example, Ustyurt Gas Chemical Complex project is clear evidence the Uzbek- Korean cooperation.
     It was also noted at the forum that Eurasian countries with emerging economies are becoming a driving force in the global economy in the backdrop of the global financial and economic crisis. In particular, Uzbekistan, a Central Asian country, as one of the centers of the Silk Road connecting Asia and Europe, is viewed as a country with great potential in logistics and trade.
     - President of the Republic of Korea Park Geun-hye initiated further development of mutual cooperation between the countries of the Eurasian region, said the executive director of the National Research Council for Economics, Humanities and Social Sciences of the Republic of Korea Ahn Yong Se. - Uzbekistan is one of the main partners of South Korea in the region. This Forum has provided an opportunity for research institutions to exchange views on the new prospects of cooperation.
     The event emphasized that the logistics are extremely important in the expansion of international trade. The main objective of logistics is to create constant, 24 hour connections between various countries and regions through transport corridors. The transport logistics not only assists to various industries, but also brings very high added value. Currently, Uzbekistan in Central Asia and Korea in Northeast Asia are seeking to establish a regional logistics hub. For this it is necessary to define the free trade and economic zones.
     The Business Forum was attended by scientists and experts from nine research institutes in South Korea. They analyze and identify, from scientific point, the new areas of cooperation. Sharing knowledge and experience will further expand relations in such areas as energy, transports, logistics and others.

UzReport 01.05.2014